摘要作为新兴产业的互联网行业数量不断增加，规模较大的企业不断扩张，使新进入者缺乏有效竞争，因此许多企业选择以并购的方式进入互联网行业。互联网行业吸引用户无需过多成本，而互联网受众也能够在不同互联网业务类别中寻找到类似的需求，故而业务之间存在密切联系的多元化并购成为互联网企业的首选。并购给互联网企业带来机遇的同时也存在并购风险，整合效果是影响并购成败的主要原因，这种影响可以通过绩效分析来证实。本文选取有关案例研究企业并购与企业利益之间的关系，从而为相关互联网公司的并购项目提供参考。本文结合阿里巴巴集团并购“饿了么”的案例，对其并购动力、并购过程以及并购后的整合情况进行了全面分析，并且以此为基础研究了企业并购对绩效的影响。本文采取财务绩效和非财务绩效两方面来衡量“阿里巴巴”并购“饿了么”的综合绩效，最后，结合本案例对互联网企业并购事件提供建议。本文的主要研究结论是：第一，此次“阿里巴巴”并购“饿了么”的动机主要是为取得更多的市场份额，同时推进“阿里巴巴”新零售的战略布局。其次，分析“阿里巴巴”的资产情况后，认为：阿里巴巴在并购后的整体运营状况良好，仍然拥有健康成长的潜力，没有受到并购后短期盈利能力下降的影响。短期偿债能力下降，长期偿债能力比较稳定。最后本文对非财务指标进行了分析，认为阿里巴巴通过并购提升了自身的市场份额，推动新零售战略布局并完善了自身的物流配送体系。关键词：并购并购整合财务绩效AbstractAsanemergingindustry,theInternetindustrycontinuestoincreaseinnumber,andlargercompaniescontinuetoexpand,makingnewentrantslackeffectivecompetition.Therefore,manycompanieschoosetoentertheInternetindustrythroughmergersandacquisitions.ThecostofacquiringcustomersintheInternetindustryisrelativelylow,andthesameuserscanbringeffectivesynergiesfrombusinessesindifferentfields.Therefore,diversifiedmergersandacquisitionswithcloseconnectionsbetweenbusinesseshavebecomethefirstchoiceofInternetcompanies.WhilemergersandacquisitionsbringopportunitiestoInternetcompanies,therearealsomergerrisks.Theintegrationeffectisthemainreasonforthesuccessorfailureofmergersandacquisitions.Thiseffectcanbeconfirmedbyperformanceanalysis.Thispaperselectsrelevantcasestostudywhethermergersandacquisitionscanbringbenefitstoshareholders,andprovidescertainreferencesignificanceforrelevantmergercases.ThisarticleusesAlibaba’sM&A"Eleme"asacasetoconductacomprehensiveandmulti-angleanalysis,includingresearchonAlibaba'sM&Amotivationsandmergerintegration,andcomprehensivelymeasuretheimpactofM&Aintegrationonperformance.Thisarticlemeasuresthecomprehensiveperformanceof"Alibaba"M&A"Eleme"intermsoffinancialperformanceandnon-financialperformance.Finally,combinedwiththiscase,itprovidessuggestionsonthemergerandacquisitionofInternetcompanies.Themainresearchconclusionsofthisarticleare:First,themotivefortheacquisitionofElemeby"Alibaba"ismainlytogainmoremarketsharewhileadvancingthestrategiclayoutof"Alibaba"newretail.Secondly,afteranalyzingthefinancialindicatorsof"Alibaba",itisfoundthatalthoughtheprofitabilityandoperatingcapacityof"Alibaba"afterthemergerhavedeclinedslightly,itdoesnotaffecttheoveralldevelopmentandthegrowthabilityisstillgood.Short-termdebtsolvencydeclined,andlong-termdebtsolvencywasrelativelystable.Finally,thisarticleanalyzesnon-financialindicatorsandfindsthatthroughthismergerandacquisition"Alibaba"hasgainedmoremarketshare,promotedthestrategiclayoutofnewretailandimproveditsownlogisticsdistributionsystem.Keywords:Mergersandacquisitions,Mergersandacquisitionsintegration,FinancialPerformance目录1．绪论..................................
